Kerry pledges credit-card curbs

Just as the Australian election campaign gets underway, credit cards have become an issue in the US Presidential campaign. Democrat candidate John Kerry says he would place curbs on credit card issuers' ability to raise interest rates. Citigroup and other issuers increase their rates up to 29 per cent for late payments which Kerry says leads people into debt traps. Kerry would tighten up introductory rate offers and cut penalty rates for late payments.